Cuomo wants New Jersey-based power company PSEG to take over all operations from National Grid, including storm preparations and restoration. He also wants to downsize LIPA, making it responsible only for areas like billing.

But a new report from state Comptroller Tom DiNapoli questions whether Cuomo's plan will really keep costs down and hold the new power company accountable. The report says "transparency, accountability, oversight and best practices to ensure lowest costs and protection of ratepayers would effectively be bypassed."